Specifically, Ford said that it will cut its North American auto offerings to two vehicles: the Mustang and Focus Active crossover, which presumably spells the definitive end of the Focus sedan in the United States.
Ford also promised to raise its operating profit margin from 5.2 percent to 8 percent by 2020, two years earlier than a previous forecast.
An extension of the statement from Hackett appears on a release sent out after the conference. Ford stock rose almost 3 percent in after-hours trading Wednesday to $11.40.
In other words? Passenger cars aren't making money, and crossovers/trucks are. There's also the potential for new cars combining the "best attributes of cars and utilities, such as higher ride height, space and versatility". We will have to make choices around how we disposition those businesses going forward. "It just won't be traditional silhouetted sedans that tend to be commoditized".
The move is bad news for sedans, but good news for trucks and crossovers. They don't, however, love actual cars like hatchbacks and sedans -as Ford has learned. Europe was the only region to turn a profit for Ford. That echoes the strategy General Motors has employed in selling its European business and abandoning several other countries, including Russian Federation.
Shanks said the company will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion.
Given the wholesale shift from sedans to SUVs and CUVs in the USA and Canadian markets, the Ford marque is going in big on what Jim Farley, executive vice president and president of global markets for the Ford Motor Company, calls "new silhouettes". "And we will do that". Next to get booted of the USA range will be the Fiesta and it will be discontinued by May 2019.
The company also says it has found another $11.5 billion in cost cuts and efficiencies, bringing the total to $25.5 billion expected by 2022. Ford's marketing and sales division is likely to see a large portion of cost reduction. The plan was met with a tepid reaction from analysts and investors, who have been eager to hear more specifics.
We have looked at every single part of the business.
Ford's revenue worldwide increased 7% to $42 billion for the quarter. Higher net income of $1.7 billion was greater "than explained by a lower tax rate", but no further explanation was offered.
Ford's North American pretax profit fell 9.2 percent to $1.94 billion, with commodity costs accounting for more than the entire decline.
The Kremlin official added that Russian Federation considered the developments in the Caucasian country a domestic issue. Russian officials and state television have been cautious in commenting on the political crisis in Armenia.
Over Christmas in 2012 , he was admitted into a Houston intensive care for a bronchitis-related cough and other issues. Former US President George H W Bush has been hospitalised with an infection the day after his wife Barbara's funeral.
If all options are available to the hosts, I would bring in Milne and Duminy but irrespective of that, I'll opt for Mumbai . With the likes of Rashid Khan, Stanlake and Bhuvaneshwar with the ball, they could restrict any team.
As for " Super Mega Baseball 2 ", sports fans will be thrilled to try out the game for free for the entire month of May. May's Xbox Games with Gold offerings are confirmed, and as usual it's a pretty good mix.
Lutz said - though she continued to recognize the singer's artistic importance, and therefore the demand for items from her past. In 2015, Madonna revealed that she and Tupac secretly dated but it is not known how long their relationship lasted.
The Group of Seven understands the need to make the case for keeping the Iran nuclear deal, according to U.K. US sends deputy: The US was represented at the G7 meeting in Canada by Deputy Secretary of State John J.
Golden State outscored San Antonio 29-21 in the third quarter to cut the Spurs' lead to six (77-71) going into the fourth period. LaMarcus Aldridge led the way for the Spurs with 22 points and 10 rebounds, including one key bucket late in the proceedings.
The Pennsylvania Department of Health is investigating those cases to see if they are related to the nationwide outbreak. This particular E. coli outbreak is linked to a potentially deadly strain of the bacteria, called E. coli O157:H7.
Houston-based CenterPoint has natural gas operations in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texts. Prices of aluminum have soared by more than 30 percent since the United States sanctions announcement.
So do many cities including Chicago, Seattle and more than a dozen local communities in NY state. In the Pacific Ocean there is a huge mass of plastic known as the "Great Pacific Garbage Patch".
Takeda ups its offer for Shire
Shire (LON: SHP ) has reached a preliminary tie-up deal with Takeda Pharmaceutical , the group has said. A cash component bump-up may be part of the new proposal, if recent analyst speculation proves correct.
H1Z1 Is Coming to PS4 in May
In a press release today, Daybreak Games has revealed that H1Z1 has been tuned specifically around console and the console gamer. Should you so choose, you can preorder an H1Z1 bundle for $29.99, granting you unique cosmetic items in the Open Beta .
Chemical weapons inspectors visit Syria's Douma
The US and Britain have accused the Syrian government and Russian Federation of delaying the investigation to stage a cover-up. The OPCW in a statement said it would now evaluate and consider whether the team needs to make a second visit to Douma.
Dramatic Napoli Winner Puts Pressure On Juventus
He's contributed five goals this season while maintaining good passing numbers and doing his defensive duties. Benevento's relegation from Serie A was confirmed after just one year in Italy's top flight.
First Look at Tom Hardy as Venom Leaks Online
Anyone who has watched previous Spider-Man films or read any of the comics knows that you just don't want to mess with Venom . Venom stars Tom Hardy as Eddie Brock , Riz Ahmed as Carlton Drake, and Michelle Williams as Ann Weying.